{"id":4684,"date":"2019-05-09T18:04:17","date_gmt":"2019-05-09T16:04:17","guid":{"rendered":"https:\/\/alaan.ma\/?p=4684"},"modified":"2019-05-09T18:04:19","modified_gmt":"2019-05-09T16:04:19","slug":"%d9%84%d8%a7%d9%84%d9%8a%d8%ac%d8%a7-%d8%aa%d9%86%d9%85%d9%88-%d8%a8%d9%86%d8%b3%d8%a8%d8%a9-20-6%d9%aa-%d9%88%d8%aa%d9%83%d8%b3%d8%a8-%d8%a5%d9%8a%d8%b1%d8%a7%d8%af%d8%a7%d8%aa-4-479-%d9%85%d9%84","status":"publish","type":"post","link":"https:\/\/alaan.ma\/?p=4684","title":{"rendered":"“\u0644\u0627\u0644\u064a\u062c\u0627” \u062a\u0646\u0645\u0648 \u0628\u0646\u0633\u0628\u0629 20.6\u066a \u0648\u062a\u0643\u0633\u0628 \u0625\u064a\u0631\u0627\u062f\u0627\u062a 4.479 \u0645\u0644\u064a\u0627\u0631 \u064a\u0648\u0631\u0648"},"content":{"rendered":"\n

\u062d\u0642\u0642\u062a “\u0644\u0627\u0644\u064a\u062c\u0627” \u0623\u0641\u0636\u0644 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u0633\u0627\u0628\u0642\u0629 \u0628\u0641\u0636\u0644 \u0645\u062c\u0645\u0648\u0639\u0629 \u0642\u0648\u064a\u0629 \u0648\u0625\u064a\u062c\u0627\u0628\u064a\u0629 \u0648\u0645\u062a\u0646\u0627\u0645\u064a\u0629 \u0641\u064a \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u062c\u0627\u0644\u0627\u062a<\/strong><\/p>\n\n\n\n

9<\/strong> \u0645\u0627\u064a\u0648 <\/strong>2019<\/strong>: <\/strong>\u0643\u0634\u0641 \u0623\u062d\u062f\u062b \u062a\u0642\u0631\u064a\u0631 \u0645\u0627\u0644\u064a \u0644\u0643\u0631\u0629 \u0627\u0644\u0642\u062f\u0645 \u0627\u0644\u0627\u062d\u062a\u0631\u0627\u0641\u064a\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u062a\u0645 \u0627\u0644\u0625\u0639\u0644\u0627\u0646 \u0639\u0646\u0647 \u0645\u0639 \u0646\u0647\u0627\u064a\u0629 \u0622\u062e\u0631 \u0645\u0648\u0633\u0645 \u0643\u0627\u0645\u0644 2017-2018\u060c \u0639\u0646 \u062a\u062d\u0642\u064a\u0642 \u0623\u0646\u062f\u064a\u0629 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0628\u0644\u063a\u062a 4.479 \u0645\u0644\u064a\u0627\u0631 \u064a\u0648\u0631\u0648 \u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0645\u062b\u0644 \u0646\u0645\u0648\u064b\u0627 \u0628\u0646\u0633\u0628\u0629 20.6\u066a \u0639\u0646\u0627\u0644\u0645\u0648\u0633\u0645 \u0627\u0644\u0633\u0627\u0628\u0642.<\/p>\n\n\n\n

\u0648\u064a\u0639\u062f \u0647\u0630\u0627 \u0623\u0643\u0628\u0631 \u062a\u063a\u064a\u064a\u0631 \u0633\u0646\u0648\u064a \u0625\u064a\u062c\u0627\u0628\u064a \u0641\u064a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629\u060c \u0648\u062c\u062f\u064a\u0631 \u0628\u0627\u0644\u0645\u0644\u0627\u062d\u0638\u0629 \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0625\u0646\u0647 \u062a\u062d\u0642\u0642 \u0628\u0639\u062f \u0639\u062f\u0629 \u0633\u0646\u0648\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0645\u062a\u062a\u0627\u0644\u064a\u0629 \u062a\u0648\u0627\u0635\u0644\u062a \u0641\u064a\u0647\u0627 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0628\u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0628\u0645\u0639\u062f\u0644\u0627\u062a \u062b\u0646\u0627\u0626\u064a\u0629 \u0627\u0644\u0623\u0631\u0642\u0627\u0645\u060c \u0648\u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643 \u0641\u0625\u0646\u0647 \u064a\u0623\u062a\u064a \u0641\u064a \u0645\u0646\u062a\u0635\u0641 \u0627\u0644\u0637\u0631\u064a\u0642 \u0646\u062d\u0648 \u062f\u0648\u0631\u0629 \u062c\u062f\u064a\u062f \u0644\u0628\u0627\u0642\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0633\u0645\u0639\u064a\u0629 \u0648\u0627\u0644\u0628\u0635\u0631\u064a\u0629 \u0644\u0644\u0633\u0648\u0642 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 \u062a\u0645\u062a\u062f \u0644\u062b\u0644\u0627\u062b \u0633\u0646\u0648\u0627\u062a \u0645\u0642\u0628\u0644\u0629 (\u0648\u0627\u0645\u062a\u062f\u0627\u062f\u064b\u0627\u062f\u0648\u0646 \u062a\u0632\u0627\u0645\u0646 \u0645\u0639 \u0632\u064a\u0627\u062f\u0629 \u0645\u0641\u0627\u062c\u0626\u0629 \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0623\u0648 \u0639\u062f\u0645\u0627\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631\u064a\u0629).<\/p>\n\n\n\n

\u0628\u0644\u063a \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (EBITDA) \u0644\u0640 “\u0644\u0627\u0644\u064a\u062c\u0627” 945\u0645\u0644\u064a\u0648\u0646 \u064a\u0648\u0631\u0648 \u0628\u0646\u0633\u0628\u0629 \u0632\u064a\u0627\u062f\u0629 <\/p>\n\n\n\n

(+ 20.7\u066a)\u060c \u0648\u0628\u0644\u063a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a (EBIT) \u0645\u0628\u0644\u063a 325 \u0645\u0644\u064a\u0648\u0646 \u064a\u0648\u0631\u0648 \u0628\u0646\u0633\u0628\u0629 \u0632\u064a\u0627\u062f\u0629 (+ 11.4\u066a) \u060c \u0648\u0628\u0644\u063a \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0644\u0644\u0633\u0646\u0629189 \u0645\u0644\u064a\u0648\u0646 \u064a\u0648\u0631\u0648 \u0628\u0646\u0633\u0628\u0629 \u0632\u064a\u0627\u062f\u0629 (+ 6.7\u066a)\u060c \u0648\u0628\u0627\u062e\u062a\u0635\u0627\u0631 \u060c \u0646\u062c\u062d\u062a “\u0644\u0627\u0644\u064a\u062c\u0627” \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0642\u0648\u064a\u0629\u0648\u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a\u0629 \u0648\u0627\u0644\u0645\u062a\u0646\u0627\u0645\u064a\u0629 \u0641\u064a \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u062c\u0627\u0644\u0627\u062a\u060c \u062d\u064a\u062b \u062d\u0642\u0642\u062a \u0623\u0641\u0636\u0644\u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u0633\u0627\u0628\u0642\u0629.<\/p>\n\n\n\n

\u0643\u0627\u0646 \u0645\u0648\u0633\u0645 2017\/18 \u0645\u0641\u0627\u062c\u0626\u064b\u0627 \u0646\u0638\u0631\u064b\u0627 \u0644\u062f\u062e\u0648\u0644 \u0639\u0627\u0645\u0644\u064a\u0646 \u062c\u062f\u064a\u062f\u064a\u0646\u0641\u064a \u0639\u0645\u0644\u064a\u0629 \u0646\u0645\u0648 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0625\u0644\u0649 \u0627\u0644\u0633\u0627\u062d\u0629\u060c \u0648\u0647\u0645\u0627: \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a\u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u0646 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644\u0627\u062a\u060c \u0648\u0627\u0644\u062a\u064a \u0627\u0633\u062a\u062d\u0648\u0630\u062a \u0639\u0644\u0649\u0627\u0644\u062f\u0648\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0646\u0642\u0644 \u0628\u0648\u0635\u0641\u0647 \u0627\u0644\u0645\u062d\u0631\u0643 \u0641\u064a \u062a\u062d\u0642\u064a\u0642\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0639\u0644\u0649 \u0635\u0639\u064a\u062f \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0648\u064a.<\/p>\n\n\n\n

\u0648\u0641\u064a \u062d\u0627\u0644\u0629 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 (\u062f\u0648\u0646 \u062a\u0636\u0645\u064a\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0645\u0646 \u0627\u0644\u0625\u0639\u0644\u0627\u0646\u0627\u062a)\u060c \u0628\u0644\u063a\u062a \u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 34.1 \u066a \u060c \u0648\u0628\u0644\u063a\u062a \u0642\u064a\u0645\u0629\u0627\u0644\u062a\u062f\u0627\u0648\u0644 838 \u0645\u0644\u064a\u0648\u0646 \u064a\u0648\u0631\u0648 \u060c \u0645\u0645\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u062d\u0642\u064a\u0642\u0629 \u0623\u0646 \u0627\u0644\u0623\u0646\u062f\u064a\u0629\u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629 \u0623\u0635\u0628\u062d\u062a \u0648\u0633\u064a\u0644\u0629 \u062c\u0627\u0630\u0628\u0629 \u0628\u0634\u0643\u0644 \u0645\u062a\u0632\u0627\u064a\u062f \u0644\u0644\u0631\u0639\u0627\u0629.<\/p>\n\n\n\n

\u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u060c \u0641\u0625\u0646 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u0642\u0642\u0629 \u0645\u0646 \u0627\u0646\u062a\u0642\u0627\u0644\u0627\u062a \u0627\u0644\u0644\u0627\u0639\u0628\u064a\u0646(\u0623\u064a \u0633\u0639\u0631 \u0627\u0644\u0628\u064a\u0639) \u060c \u0633\u0645\u062d\u062a \u0628\u062a\u062d\u0642\u064a\u0642 \u0632\u064a\u0627\u062f\u0629 \u0633\u0646\u0648\u064a\u0629 \u0628\u0644\u063a\u062a104.3\u066a\u060c \u0628\u0639\u062f \u0645\u0636\u0627\u0639\u0641\u0629 \u062d\u062c\u0645 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644\u0627\u062a \u0641\u064a \u0639\u0627\u0645 \u0648\u0627\u062d\u062f\u060c \u0648\u0630\u0644\u0643 \u0645\u0639 \u062a\u062d\u0642\u064a\u0642 \u062f\u062e\u0644 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0642\u062f\u0631\u0647 1.018 \u0645\u0644\u064a\u0627\u0631 \u064a\u0648\u0631\u0648\u060c \u0648\u0647\u0648 \u0645\u0627\u064a\u0645\u062b\u0644 \u0639\u0631\u0636\u064b\u0627 \u0644\u0644\u0642\u062f\u0631\u0629 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0627\u0644\u0645\u062a\u062d\u0642\u0642\u0629 \u0645\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u0629 \u0627\u0644\u062a\u064a\u062a\u062d\u062a\u0641\u0638 \u0628\u0647\u0627 \u0627\u0644\u0623\u0646\u062f\u064a\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629 \u0648\u0634\u0631\u0643\u0627\u062a \u0643\u0631\u0629 \u0627\u0644\u0642\u062f\u0645 SADs.<\/p>\n\n\n\n

\u0648\u0631\u063a\u0645 \u0630\u0644\u0643 \u0641\u0625\u0646 \u0645\u0628\u064a\u0639\u0627\u062a \u062d\u0642\u0648\u0642 \u0627\u0644\u0628\u0627\u0642\u0629 \u0627\u0644\u0633\u0645\u0639\u064a\u0629 \u0648\u0627\u0644\u0628\u0635\u0631\u064a\u0629 \u0645\u0646\u062d\u062a \u0627\u0644\u0623\u0646\u062f\u064a\u0629 \u0627\u0644\u0642\u062f\u0631\u0629 \u0644\u062a\u062c\u0627\u0648\u0632 \u062d\u0627\u062c\u0632 1.5 \u0645\u0644\u064a\u0627\u0631 \u064a\u0648\u0631\u0648 \u0644\u0623\u0648\u0644 \u0645\u0631\u0629\u060c \u0648\u0633\u062a\u0633\u062a\u0639\u064a\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0628\u062b \u062f\u0648\u0631\u0647\u0627 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0628\u062a\u062f\u0627\u0621\u064b \u0645\u0646 \u0645\u0648\u0633\u0645 2019-2020\u060c \u0643\u0646\u062a\u064a\u062c\u0629 \u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0645 \u0627\u0644\u062a\u0641\u0627\u0648\u0636 \u0639\u0644\u064a\u0647\u0627 \u0648\u0625\u0628\u0631\u0627\u0645\u0647\u0627 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 \u0648\u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629.<\/p>\n\n\n\n

\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0644\u0644\u063a\u0627\u064a\u0629 \u0625\u0628\u0631\u0627\u0632 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u062a\u062d\u0642\u0642\u062a \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0630\u064a \u0627\u0631\u062a\u0641\u0639\u062a \u0641\u064a\u0647 \u0627\u0644\u0645\u0635\u0631\u0648\u0641\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (OPEX)\u060c \u0643\u0645\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629 \u0645\u0631\u062a\u0641\u0639\u0629 (CAPEX).<\/p>\n\n\n\n

\u0627\u0631\u062a\u0641\u0639 \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0645\u0635\u0631\u0648\u0641\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (OPEX) \u0628\u0646\u0633\u0628\u0629 18.7\u066a \u0641\u064a \u0627\u0644\u0645\u0648\u0633\u0645 \u0627\u0644\u0631\u064a\u0627\u0636\u064a 2017-2018\u060c \u0645\u062f\u0641\u0648\u0639\u064b\u0627 \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0628\u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u064a\u0646\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0645\u062b\u0644 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064b\u0627 \u0641\u064a \u0627\u0644\u0645\u0648\u0627\u0647\u0628 \u0648\u0645\u0635\u062f\u0631 \u062f\u062e\u0644 \u0645\u062d\u062a\u0645\u0644 \u0644\u0640 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0645\u062a\u0648\u0633\u0637\u060c \u0648\u0630\u0644\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u0646\u0627\u0648\u0628 \u2013 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644- \u0643\u0645\u062b\u0627\u0644\u060c<\/p>\n\n\n\n

\u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0627\u0644\u0625\u0645\u0643\u0627\u0646\u064a\u0627\u062a \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u0629 \u0648\u0627\u0644\u0646\u062f\u0627\u0621 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0645\u0646\u0627\u0641\u0633\u0629.<\/p>\n\n\n\n

\u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u060c \u0628\u0644\u063a \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0648\u0627\u0644\u0644\u0627\u0639\u0628\u064a\u0646 (1.341 \u0645\u0644\u064a\u0627\u0631 \u064a\u0648\u0631\u0648) \u0644\u064a\u062a\u0628\u0639 \u0646\u0641\u0633 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0645\u0639 \u0646\u0645\u0648 \u0633\u0646\u0648\u064a \u0642\u062f\u0631\u0647 11.8 \u066a.<\/p>\n\n\n\n

\u0644\u0627 \u0634\u0643 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0645\u0631\u062a\u0641\u0639\u0629 \u0644\u0644\u063a\u0627\u064a\u0629 \u0645\u0646 \u0627\u0644\u0646\u0641\u0642\u0627\u062a\u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0645\u0645\u0627 \u064a\u0648\u0641\u0631 \u0623\u0641\u0636\u0644 \u0636\u0645\u0627\u0646 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062c\u0648\u062f\u0629 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0631\u064a\u0627\u0636\u064a \u0641\u064a \u0627\u0644\u0645\u0644\u0639\u0628 \u0648\u062c\u0627\u0630\u0628\u064a\u062a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0625\u0644\u0649 \u0627\u0644\u0637\u0648\u064a\u0644.<\/p>\n\n\n\n

\u0648\u0645\u0627 \u064a\u0644\u0641\u062a \u0627\u0644\u0627\u0646\u062a\u0628\u0627\u0647 \u0623\u0646 “\u0644\u0627\u0644\u064a\u062c\u0627” \u062d\u0642\u0642\u062a \u062c\u0645\u064a\u0639 \u0647\u0630\u0647 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0639\u0644\u0649 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0647\u0628\u0648\u0637\u064a \u0641\u064a \u062f\u0631\u062c\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 <\/p>\n\n\n\n

\u062d\u0642\u0642\u062a LaLiga \u0643\u0644 \u0647\u0630\u0647 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u0639\u0644\u0649 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0647\u0628\u0648\u0637\u064a \u0641\u064a \u062f\u0631\u062c\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062d\u064a\u062b \u0643\u0627\u0646\u062a\u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u0625\u0644\u0649 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0627\u0642\u062a\u0637\u0627\u0639 “\u0627\u0644\u0641\u0648\u0627\u0626\u062f\u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u063a\u064a\u0631\u0647\u0627..) \u0641\u064a \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629 \u062a\u0628\u0644\u063a 0.9x \u060c \u0648\u0647\u0648 \u0623\u062f\u0646\u0649\u0645\u0633\u062a\u0648\u0649 \u0639\u0644\u0649 \u0627\u0644\u0625\u0637\u0644\u0627\u0642.<\/p>\n\n\n\n

\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0628\u0646\u0641\u0633 \u0627\u0644\u0642\u062f\u0631 \u0627\u0644\u062a\u0623\u0643\u064a\u062f \u0639\u0644\u0649 \u0623\u0646 “\u0644\u0627\u0644\u064a\u062c\u0627 1 2 3” \u062a\u0633\u0627\u0647\u0645 \u0628\u0635\u0648\u0631\u0629 \u0645\u062a\u0632\u0627\u064a\u062f\u0629 \u0644\u064a\u0633 \u0641\u0642\u0637 \u0641\u064a \u0625\u064a\u0631\u0627\u062f\u0627\u062a “\u0644\u0627 \u0644\u064a\u062c\u0627” \u0628\u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0648\u0644\u0643\u0646 \u0623\u064a\u0636\u0627\u064b \u0641\u064a \u0627\u0644\u0623\u0631\u0628\u0627\u062d (\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0641\u064a \u0645\u0646\u0637\u0642\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u0629 \u0648\u062a\u0638\u0647\u0631 \u0627\u062a\u062c\u0627\u0647\u0627\u062a \u062a\u0635\u0627\u0639\u062f\u064a\u0629) \u0648\u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0648\u0642\u064a\u0645\u0629 \u0644\u0644\u0639\u0645\u0644.<\/p>\n\n\n\n

\u0648\u0628\u0627\u0644\u0645\u062b\u0644 \u060c \u062a\u062a\u0642\u0627\u0631\u0628 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u062a\u0627\u0646 \u0627\u0644\u062e\u0627\u0635\u062a\u0627\u0646 \u0627\u0644\u0644\u062a\u0627\u0646 \u0646\u0633\u062a\u062e\u062f\u0645\u0647\u0645\u0627 \u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0641\u064a \u0627\u0644\u0631\u0627\u0628\u0637\u0629 \u060c \u0648\u0647\u0645\u0627 Netted LaLiga \u0648 Netted LaLiga Santander \u060c \u0627\u0644\u0644\u0630\u0627\u0646 \u064a\u0633\u062a\u0628\u0639\u062f\u0627\u0646 \u0623\u0643\u0628\u0631 \u0646\u0627\u062f\u064a\u0646 \u060c \u0628\u0634\u0643\u0644 \u0623\u0633\u0631\u0639 \u0648\u0623\u0643\u062b\u0631 \u0646\u062d\u0648 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0648”\u0644\u0627 \u0644\u064a\u062c\u0627 \u0633\u0627\u0646\u062a\u0627\u0646\u062f\u0631” \u0643\u0643\u0644 \u0639\u0644\u0649 \u0627\u0644\u062a\u0648\u0627\u0644\u064a\u060c \u0648\u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0646\u0633\u0628\u064a\u0629\u060c \u0641\u0625\u0646 \u0628\u0639\u0636 \u0628\u0639\u0636 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0623\u0648 \u0627\u0644\u0646\u0633\u0628 \u0623\u0641\u0636\u0644\u060c \u0648\u0647\u0630\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644 \u064a\u062a\u0645 \u062a\u0648\u0632\u064a\u0639\u0647\u0627 \u0628\u0634\u0643\u0644 \u0645\u062a\u0632\u0627\u064a\u062f \u0648\u0623\u0643\u062b\u0631 \u0639\u062f\u0644\u0627\u064b \u0648\u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644.<\/p>\n\n\n\n

\u0645\u0627 \u0633\u0628\u0642 \u0623\u062f\u0649 \u0625\u0644\u0649 \u062d\u0635\u0648\u0644 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0639\u0644\u0649 \u0645\u0624\u0634\u0631 \u0631\u0628\u062d\u064a\u0629 \u062a\u0634\u063a\u064a\u0644\u064a \u0625\u062c\u0645\u0627\u0644\u064a (ROIC) \u0628\u0646\u0633\u0628\u0629 12.3\u066a (\u062a\u0645 \u062a\u0639\u062f\u064a\u0644\u0647 \u0645\u0646 15.1\u066a) \u0641\u064a \u0645\u0648\u0633\u0645 2017\/18 \u060c \u0648\u0647\u0648 \u0623\u0639\u0644\u0649 \u0628\u0633\u062a \u0646\u0642\u0627\u0637 \u0639\u0634\u0631\u064a\u0629 \u0639\u0646 \u0627\u0644\u0645\u0648\u0633\u0645 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0648\u0639\u0644\u0649 \u0623\u064a \u062d\u0627\u0644\u060c \u064a\u0639\u062a\u0628\u0631 \u0623\u0641\u0636\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0645\u062b\u064a\u0644\u0647 \u0641\u064a \u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u0627\u0644\u0628\u0637\u0648\u0644\u0627\u062a \u0627\u0644\u0631\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0645\u0627\u062b\u0644\u0629 \u0644\u0647\u0627.<\/p>\n\n\n\n

\u0623\u062e\u064a\u0631\u064b\u0627\u060c \u062a\u0642\u0648\u0645 “\u0644\u0627\u0644\u064a\u062c\u0627” \u0628\u062a\u062e\u0635\u064a\u0635 \u062d\u0648\u0627\u0644\u064a 2.0\u066a \u0645\u0646 \u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0627\u062a\u060c \u0648\u0647\u0648 \u0645\u0628\u0644\u063a \u0623\u0643\u0628\u0631 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u063a\u0627\u0644\u0628\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0635\u0646\u0627\u0639\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0645\u0634\u0627\u0628\u0647\u0629\u060c \u0648\u0647\u0630\u0627 \u064a\u0633\u0645\u062d \u0628\u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u0645\u0628\u0627\u062f\u0631\u0627\u062a \u0627\u0644\u0631\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629 \u0641\u064a \u0627\u0644\u062a\u0642\u0631\u064a\u0631 \u0648\u0627\u0644\u062a\u064a \u062a\u0645\u0646\u062d\u0646\u0627 \u0627\u0644\u0623\u0645\u0644 \u0648\u062a\u062d\u0641\u0632\u0646\u0627\u060c \u0648\u062a\u062c\u0639\u0644\u0646\u0627 \u0646\u0634\u0639\u0631 \u0628\u0627\u0644\u0641\u062e\u0631.<\/p>\n\n\n\n

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\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

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